PICC net profits up 53.2 pct in H1

People's Insurance Company (Group) of China (PICC) said on Tuesday that its net profits hit 7.54 billion yuan (1.22 billion U.S. dollars) in the first half of 2013, up 53.2 percent year-on-year.

PICC attributes the increase to continuous growth in businesses and improved capacity to make profits.

Its premiums reached 158.4 billion yuan in the first six months, up 6.2 percent year on year.

The total assets of PICC stood at 728.8 billion yuan at the end of June, up 5.8 percent from the beginning of the year.